Stock Markets on Monday – Friday closing may act as launchpad for Nifty50’s movement to 18,000, says Anil Singhvi; Nifty Bank to test this level

Domestic equity markets ended the last day of the week on a positive note despite the intraday volatility. The BSE Sensex closed with the gains of 142 points or 0.24 per cent at 59,744.65 while the broader market Nifty50 ended at 17,812.70, up 70 points or 0.4 per cent.

Over the week the gains extended by the benchmark indies were around 2.5 per cent. Meanwhile Nifty Bank jumped by over 6 per cent to settle at 37,739.60.

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The Foreign Institutional Investors (FIIs) bought equities in the cash market worth Rs 496 cr while the Domestic Institutional Investors (DIIs) were nete sellers on Friday, selling equities worth Rs 115 cr in the cash markets.

Zee Business managing Editor Anil Singhvi said that the stock markets gained momentum on Friday after Thursday’s losses which was also the weekly expiry day. This was despite absence of adequate global cues and FII selling on the previous session, Singhvi added.

There was a shocker in the intraday trade with Nifty50 tumbling down to 17,700 after attaining the highs of 17,900. However, a recovery was seen over the last hour. This is big booster of the confidence.

Nifty Bank is inspired higher confidence over the day with Nifty crossing the 38,000 mark on the intraday basis.

 Friday offered opportunities for two-way trade, the Manging Editor said.

The good thing is that even the mid cap and small cap stocks are participating in the bull run. The mood now remains set for buying ahead of the Budget 2022, Singhvi further said.

The Friday closing will be a good launchpad for the markets when they reopen on Monday and to push Nifty50 above 18,000 mark, he opined.  

Triggers for Monday will be the FII action on Friday, the Managing Editor said. It will also be helped be corrections which have made the markets, somewhat lighter, Singhvi added. This was due to the lowering of the Put-Call Ratio (PCR)

Anil Singhvi Nifty Strategy for Monday

Nifty50 will find support at 17,650-17700. There will be some resistance at 17,900-17950 and markets could move towards 18,000 id this level is breached.

Anil Singhvi Nifty Bank Strategy for Monday

As for Nifty Bank, the support is seen at 37,300-37,500 while it would gradually try to scale levels between 38,200 and 38,500.

Expect strong action in mid cap and small cap stocks and every dip must be seen as an opportunity to make fresh positions, Singhvi advised to investors.

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The index could show a timewise correction and may try to trade around these levels, he further said.